For Developed Countries, Which Factor Is Considered the MOST Important

question 68

Multiple Choice

For developed countries, which factor is considered the MOST important driver in productivity growth?

• A) the level of educational attainment
• B) the amount of physical capital
• C) technological progress
• D) the abundance of natural resources

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Definitions:

Marginal Value

The additional benefit received by consuming or using one more unit of a good or service.

Markdown

A reduction from the original selling price of goods or services to increase their attractiveness to buyers.

Monopsony Power

The market power held by a single buyer, allowing them to dictate prices to sellers due to a lack of competition.

Monopoly Power

The ability of a monopolist to significantly control market price and exclude competitors by owning a majority of the market share.